Digital Jersey to help Binance expand into Europe

Digital Jersey, an independent trade body that represents the Channel Island’s digital industries, signed a memorandum of understanding with Binance to develop a cryptocurrency exchange on the island.

Binance is to collaborate with Digital Jersey: Shutterstock

Binance, the world’s largest cryptocurrency exchange by average daily volume, will collaborate with Digital Jersey to deliver training and other initiatives to support the growing blockchain ecosystem on the island, the Japan-based exchange said in a press release.

High standards

Tony Moretta, chief executive of Digital Jersey, said: “Jersey was one of the first countries in the world to clarify the legal position of cryptocurrency exchanges back in 2015.”

He added: “We can provide a permissive sandbox for innovative crypto businesses to thrive without moving away from the general high standards of regulation that apply in our jurisdiction.”

Binance said it had selected Jersey as a base because of its highly-developed digital infrastructure, robust regulatory framework and world-class financial sector.

Pro-crypto environment

Chief executive of Binance, Changpeng Zhao said: “We have chosen Jersey to be the next big step in our global expansion strategy for its clear and pro-crypto investment and regulatory environment.

“With its local economy based on a major currency (British pound), and its close proximity to the UK and Western Europe, we are confident the co-operation with Jersey will not only benefit the local economy, but also form a strong operational foundation for our expansion into the rest of Europe.”

The move is expected to create around 40 new jobs, while training schemes set up by Digital Jersey include courses on a range of digital skills such as distributed ledger technology, artificial intelligence and regulatory compliance.

Moretta added: “We look forward to collaborating with Binance to develop their exchange and compliance function in Jersey, deliver blockchain training as part of our digital skills programme and support the growth of new start-ups in this area.”

Expansion plans

Binance’s expansion into Europe is taking shape quickly. Earlier this week the exchange said it was opening a new office in Malta, where it is expected it will offer trading between fiat and cryptocurrencies.

Post written by Chris Wheal

Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.